F O B Meaning

Fob shipping point or fob origin means. Fob stands for free on board or freight on board and is a designation that is used to indicate when liability and ownership of goods is transferred from a seller to a buyer. Every vendor client relationship should have the fob terms specified in their po purchase terms.

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Typically followed by the name of a port or city e g f o b.

F o b meaning. Copyright 2008 the gale group inc. The acronym fob which stands for free on board or freight on board is a shipping term used in retail to indicate who is responsible for paying transportation charges. The fob shipping terms have both legal and accounting implications for the buyer and seller.

It is the location where ownership of the merchandise transfers from seller to buyer. Also called collect freight freight collect or freight forward. Fob free on board is a term in international commercial lawspecifying at what point respective obligations costs and risk involved in the delivery of goods shift from the seller to the buyer under the incotermsstandard published by the international chamber of commerce.

Free on board fob is a shipment term used to indicate whether the seller or the buyer is liable for goods that are damaged or destroyed during shipping. Used in shipping to indicate that there is no charge to the buyer for goods placed on board a carrier at the point of shipment. First of all f o b.

Fob is a shipping term that stands for free on board if a shipment is designated fob the seller s location then as soon as the shipment of goods leaves the seller s warehouse the seller records the sale as complete. The buyer owns the products en route to its warehouse and must pay any delivery charges. The seller pays the freight and the buyer takes the title once it s been shipped.

Stands for free on board and indicates the point in the supply chain where the seller relinquishes ownership and the buyer accepts ownership of products purchased in a specific transaction. An abbreviation for free on board which means that a vendor or consignor will deliver goods on a railroad car truck vessel or other conveyance without any expense to the purchaser or consignee. Cost insurance and freight cif and free on board fob are international shipping agreements used in the transportation of goods between a buyer and a seller.

Fob stands for free on board or freight on board the shipping terms that follow fob dictate who pays for shipping and when the ownership of goods is transferred. West s encyclopedia of american law edition 2.